FHA has issued their official loan amount limits for 2010. As previously announced, the overall cap was left at $729,750, but individual areas faced the possibility of having their limits set below that cap; with the new announcement, many of those higher-cost areas (including DC) can rest easy knowing that their local limits will not be decreasing.

Specifically, HUD’s mortgagee letter 09-50 and addenda announced that the following MSAs would have their FHA loan limit set at the overall cap of $729,750 for 2010:

• CA: LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN DIVISION
• CA: NAPA, CA (MSA)
• CA: OAKLAND-FREMONT-HAYWARD, CA METROPOLITAN DIVISION
• CA: OXNARD-THOUSAND OAKS-VENTURA, CA (MSA)
• CA: SALINAS, CA (MSA)
• CA: SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA METROPOLITAN DIVISION
• CA: SAN JOSE-SUNNYVALE-SANTA CLARA, CA (MSA)
• CA: SANTA ANA-ANAHEIM-IRVINE, CA METROPOLITAN DIVISION
• CA: SANTA BARBARA-SANTA MARIA, CA (MSA)
• CA: SANTA CRUZ-WATSONVILLE, CA (MSA)
• CO: EDWARDS, CO (MICRO)
• CO: NON-METRO
• CO: SILVERTHORNE, CO (MICRO)
• DC/MD/VA: WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METRO
• FL: KEY WEST-MARATHON, FL (MICRO)
• HI: HONOLULU, HI (MSA)
• HI: KAHULUI-WAILUKU, HI (MICRO)
• HI: KAPAA, HI (MICRO)
• ID: NON-METRO
• MA: NON-METRO
• MD: BETHESDA-GAITHERSBURG-FREDERICK, MD METRO
• NC: ELIZABETH CITY, NC (MICRO)
• NJ: EDISON, NJ METROPOLITAN DIVISION
• NJ: NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METRO
• NJ: NEWARK-UNION, NJ-PA METROPOLITAN DIVISION

The addenda to that mortgagee letter also list another approximately 700 counties around the nation whose limits for 2010 fall between the $729,750 overall cap and the minimum cap of $271,050; any counties not listed in either addendum will use the minimum cap of $271,050 for 2010.

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3. Historical Conforming Loan Limits
4. Freddie Mac announces 2007 conforming loan limits
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6. Remodeling Cost vs. Value Survey 2009
7. Elaboration on Washington Examiner Article on “Military” tax credit
8. Flood Insurance Unavailable Due To Congressional Error
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Tags: fha